Advent expands via takeovers

Advent expands via takeovers

Greek-owned Advent Technologies Holdings Inc is conducting corporate takeovers in Germany, Denmark and the US aimed at acquiring know-how and expert personnel that will help it grow further in the hydrogen fuel market, following its Nasdaq listing in February.

Advent has acquired US company UltraCell and reached commercial agreements with the US Department of Defense. It has also come to an agreement for the acquisition from German group Fischer of its fuel cell system enterprises for 52 million euros.

In the context of the Fischer deal, Advent is taking over SerEnergy, based in Denmark, and a subsidiary in the Philippines, as well as German-based Fischer Eco Solutions. SerEnergy is also involved in fuel cell systems used for the supply of energy to cellphone aerials (4G, 5G), replacing diesel-powered generators in many off-grid applications.

With the SerEnergy takeover, Advent is expanding into the Asian market and securing fully operational industrial units of advanced technology in Denmark and Germany, while it is penetrating defense industry energy applications with the UltraCell takeover.

The company is considering the creation of a state-of-the-art research and development center, with the potential of evolving into a production center, in Attica as well as in Western Macedonia, having already expanded its research activity in Patra.

Advent Technologies head Vasilis Gregoriou explains that “we set out 15 years ago in Patra to develop a then unknown technology of next-generation fuel cells. Today – per our business plan – we are active in the international hydrogen technologies market, landing deals with strategic partners.”

He adds that “we are presenting a new generation of products with innovative technology that will allow us to develop pioneering solutions in the car industry, in aerospace, in defense and generally in the energy sector.”

The Greek company, in cooperation with major energy groups in the country, is also participating in the national project named “White Dragon” for the implementation of important projects of common European interest (IPCEI) with hydrogen. The project’s aim is for participating firms to develop an integrated hydrogen industrial research center at the hydrogen center planned for Western Macedonia.

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